Did Ripple Pay Millions To Secure XRP Listings? Social Media Erupts In Rage – Coinpedia Fintech News

A recent uproar on social media has ignited a heated debate within the cryptocurrency community regarding the alleged listing payments made by Ripple for its digital asset, XRP. David Schwartz, the Chief Technology Officer at Ripple, stepped forward to counter the claims surrounding these payments.

Allegations Unveiled

A Twitter user going by the name @ScamDetective sparked the controversy by asserting that Ripple had facilitated the listing of XRP on six exchanges by making substantial payments ranging from $1 to $5 million back in 2017. The user cited a lawsuit that suggested this undisclosed arrangement significantly influenced a law firm’s assessment of Ripple’s transparency and the “reasonable grounds” associated with it.

Schwartz Challenges the Claims

Responding to these allegations, Schwartz expressed skepticism about the credibility of the claims presented in the Twitter post, questioning whether statements made by the Securities and Exchange Commission (SEC) in a lawsuit should be automatically accepted as factual.

In an attempt to seek clarification, @ScamDetective directly asked Schwartz to confirm whether Ripple indeed paid a total sum of $1 million and $5 million to six exchanges, including two U.S.-based ones, for the purpose of listing XRP. Schwartz responded by stating that the scenario presented was merely an allegation, and the actual details were far more complex than that.

Clearing the Air

To dispel any confusion, Schwartz presented a hypothetical scenario where an exchange demanded a listing fee from Ripple, which the company declined. However, a few months later, Ripple found itself collaborating with the same exchange on an On-Demand Liquidity (ODL) endpoint, a process that necessitated the listing of XRP. In this case, Ripple agreed to pay $1 million, not as a listing fee, but to cover the additional integration costs associated with ODL.

What Other Situations Could Manifest?

Schwartz went on to discuss another hypothetical situation, suggesting that Ripple might be expanding its operations into new regions or currencies through its On-Demand Liquidity (ODL) service. In such instances, the value of this expansion could reach tens of millions. He emphasized that the narrative presented by a litigious adversary does not always provide the complete picture and cautioned against blindly accepting such claims as indisputable facts.

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